Your Guide to Art Collecting
If you are interested in starting an art collection but are unsure of where to start — we’re here to help. We will outline some tips on how to collect art. The art world can seem quite intimidating, daunting and tough to crack, however, we want to assure you that it doesn’t have to be. The art world is a wonderful place to explore, to discover and to learn more about especially if you have a passion for it.
1. DISCOVER WHAT YOU LIKE
What you decide to start collection should never be based solely on financial investment but rather in taste. What sort of art do you enjoy? The reason for collecting art that you like, instead of simply for the sake of it, is because you will do far better with your collection if you are passionate about it. If you are ‘invested’ in the kind of art you collect, the art will be more of an investment for you.
2. SEEK OUT UNDERVALUED ARTISTS
Be prepared for doing a lot of research and getting to know dealers and others in the art industry. Collectors who have an eye for works that are likely to gain traction, spend years going to small galleries and emerging-art fairs, constantly looking at art and getting to know the right people and making connections. These collectors can spot works when they are at affordable prices. You really have to put in the time to research artists you may be interested in, as well as their art. It takes a while but after practice you will develop a knack for spotting good finds.
3. FINE ART PROTECTION
Make sure to place art in an appropriate place — no direct sunlight and not near windows that are opened frequently. Art pieces can be sensitive to the elements especially sunlight which will make pieces deteriorate faster. If you are not sure where to place art or how to protect it, hire professionals to help you. Make sure to purchase a standalone insurance policy for each piece as well.
4. OUTLETS TO BUILD YOUR COLLECTION
If you are new to collecting then art fairs is the best place to discover which galleries and artists capture your attention. Once you know who and what you like then galleries and studios are the next stop to find your treasures. Albeit a bit intimidating, auction houses are a good go-to to get some great art pieces and once you get into it it could prove to be quite exciting.
5. HOW & WHEN TO SELL ART
If you decide to let go of a piece of art, you will need to gather the relevant information about it. You will need key pieces of information such as provenance documents, artist name, materials used, recent appraisal and dimensions. The question of “when” is up to you whether you need the funds or if you want to downsize your collection. However, generally speaking, one shouldn’t buy art with the intention of selling it. If the artist still has a primary gallery, then that would be the first place to start to find where to sell. Next, you can go to auction houses to get estimates and find out how they will market the piece.